Acceptance House [Last Updated by: admin on 2012-01-01]
Financial institution lending money on the security of bills of exchange. It may lend money on a bill or add its name to a bill drawn on another party, especially in foreign trade. Acceptance houses often lend money to an exporter to cover the gap between the production of goods and the receipt of proceeds from their sale. The loan is made through a Bill of Exchange and is sometimes called an acceptance credit.